The House of Representatives passed a bill on Monday (July 22) that is designed to combat the use of financial technology for illicit finance. The Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by Rep. Zach Nunn, R-Iowa, establishes the Independent Financial Technology Working...
Enforcement actions and fines from regulators — the Federal Reserve, the Office of the Comptroller of the Currency and others — highlight the growing scrutiny on anti-money laundering (AML) efforts. And where these firms, banks and FinTechs among them, are deemed to come up short,...
Federal investigators say drug traffickers laundered money through Citigroup, believing it had looser fraud measures. As the Financial Times (FT) reported Monday (July 1), a newly unsealed indictment alleges that a pair of California residents — accused of working with the Sinaloa drug cartel —...
Singapore has identified banks as the entities posing the greatest money laundering (ML) risk to the country. The Monetary Authority of Singapore (MAS), which is a government agency, said this in a Money Laundering National Risk Assessment released Thursday (June 20). “The role of banks in facilitating...
Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and focused on the financial institution’s banking relationships with two unnamed politically exposed persons, FINMA said...
Toronto-Dominion Bank (TD Bank) reportedly could be facing fines of up to $4 billion in relation to money-laundering probes in the United States. This estimate by analysts at Jefferies Financial Group is double the previous estimates, highlighting the severity of the potential impact on Canada’s second-largest lender,...
The Department of the Treasury has outlined the priorities it will pursue this year to step up the fight against illicit finance. The agency aims to increase transparency, leverage partnerships and support responsible technological innovation, it said in a Thursday (May 16) press release announcing the publication of its “2024...
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security measures, Reuters reported. This, the report added, led to inadequate due diligence in three cases,...
Oracle Financial Services introduced an artificial intelligence-powered cloud service that helps banks mitigate anti-money laundering (AML) risks. The new Oracle Financial Services Compliance Agent “identifies and remediates vulnerabilities,” the company said in a Monday (April 8) press release. “Putting Compliance Agent in the hands of financial-crime compliance officers will...
